Marcus & Millichap Tapped to Sell Two Coliving Apartments in D.C.
Marcus & Millichap has been tapped to sell Common Richardson and Common Monroe, two turnkey coliving apartment buildings located in Northwest Washington D.C.
The two properties will be the first purpose-built coliving assets to trade on the D.C. market. Common Monroe & Common Richardson are master-leased by coliving property management company Common. Common Monroe is a 16,800-square-foot coliving building that was formerly the Mt. Rona Missionary Baptist Church. Common Richardson is located two miles north in the Shaw neighborhood. Common Richardson was also recently constructed, having opened in 2017.
The coliving rental model provides prospective tenants with an affordable substitute for a traditional apartment lease. Tenants in Common’s coliving managed properties sign a lease for a private bedroom in a fully-furnished unit that includes all utilities. The all-in costs tend to save tenants between $300-$600 per month compared to a newer studio apartment in the same neighborhood.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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